A Corporate body is defined as an entity, which has rights before the law just like a person. A corporation has an independent legal identity. As their share holders are safeguarded by “limited liability”, the company is termed as a limited company.
The word “corporation” comes from the Latin word “corpus”, which means body. Before the 1600s, charitable organizations like hospitals, colleges and monasteries were allowed to become independent before the law by asking for corporate status.
After 1600, Corporations started acting outside the constitutions and became commercial, the first of which was the East India Company.
There are three different aspects of difference in corporate governance of the US and UK. Firstly the US 1998 Weisbach Reports shows a closer relation of performance where the board is dominated by non executive directors, to the CEO’s turnover in the firm.
Addis v Gramophone Co Ltd (1909) is one of the UK labor law and English contract law cases. This labor law case was used to confine indemnity for the non-pecuniary for breach of contract.
Mr. Addis was the manager of Gramophone in Calcutta, India.
In case that a company does not have enough funds to pay their employees, an exclusive insolvency agreement is made according to the Insolvency Act 1986. Basically, the law deals with the insolvency of individuals and companies in the
